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Nov 29, 2012
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i think it is a mistake, if it is bad to raise taxes on everybody, it is also bad to raise taxes on 40% of the income. better to leave it in the hands of the people who earned it, leave it in kentucky, and the private sector. >> i understand you don't want to raise taxes on rich, middle class, or anyone. but what about capping deductions, loopholes, stuff like that, are you open to that? >> yes, if it is part of tax reform. and that is why it is not going to happen in this. if we were to lower rates, for example, you could lower the top rate from 35 to 33 and actually get more revenue and get rid of some more deductions at the same time. but i'm not going to vote to bring more revenue to washington. i want less money coming to washington, less money spent up here. and that is how you get the economy to grow. we're not going to have more economic growth. if we send more money to washington, we'll have less economic growth. >> if all the republicans hold firm to that position, you just spelled out in significant detail, there is not going to be a deal, you know, between now and december 3
i think it is a mistake, if it is bad to raise taxes on everybody, it is also bad to raise taxes on 40% of the income. better to leave it in the hands of the people who earned it, leave it in kentucky, and the private sector. >> i understand you don't want to raise taxes on rich, middle class, or anyone. but what about capping deductions, loopholes, stuff like that, are you open to that? >> yes, if it is part of tax reform. and that is why it is not going to happen in this. if we...
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Dec 1, 2012
12/12
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i'm fine with this $250,000 a year family not getting a tax cut and letting that expire, that tax cut for those wealthier 2% to expire. there are a couple people who have come out with that. mary bono mack has said that doesn't sound too bad. also robert dole who said that. what about you? >> yeah, no, i don't support that. and tom is a great political strategist and what he was saying is, hey, look, we know there will be a revenue increase. if we can get that, big deal. and so let's just go ahead and take it off the table, you know, let's take that leverage away from the president there, but the reality is as a republican who my very core principles are lower taxes, limited government, to just take a solo tax -- or vote on a tax increase with not having everything else there to kind of, you know, give us the sugar to make the medicine go down. that's just not going to fly. most of us aren't going to support that. but i could certainly understand tom's political strategy of trying to take it off the table, then the president may get serious about dealing with all of the other financia
i'm fine with this $250,000 a year family not getting a tax cut and letting that expire, that tax cut for those wealthier 2% to expire. there are a couple people who have come out with that. mary bono mack has said that doesn't sound too bad. also robert dole who said that. what about you? >> yeah, no, i don't support that. and tom is a great political strategist and what he was saying is, hey, look, we know there will be a revenue increase. if we can get that, big deal. and so let's just...
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Dec 1, 2012
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also bush era tax cuts set to x expire, so the majority of americans will pay more taxes. also at stake, the payroll tax holiday and unemployment benefits expect to get cut. dana, in your most recent column, you say it doesn't seem like anyone is doing anything but photo ops and news conferences. one politician was quoted as saying, effectively, we have a month. that's loads of time. is this a sophisticated game of chicken? >> it's a rather unsophisticated game of chicken, kind of elementary. what they're doing, both sides really, is doing a lot of posturing and waiting until they get close to the deadline if not go over the deadline because they feel if they go over the deadline, they're in a position to tell their hard core supporters, look, we have really got to make this deal now or that's the end. the economy goes back into recession. it's almost as if they can't strike a deal before you get to the very end, which is understandable. the problem is when you play this game, you can make a terrible mistake, and you know, they're gambling with the whole country here right
also bush era tax cuts set to x expire, so the majority of americans will pay more taxes. also at stake, the payroll tax holiday and unemployment benefits expect to get cut. dana, in your most recent column, you say it doesn't seem like anyone is doing anything but photo ops and news conferences. one politician was quoted as saying, effectively, we have a month. that's loads of time. is this a sophisticated game of chicken? >> it's a rather unsophisticated game of chicken, kind of...
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Dec 1, 2012
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because they refuse to let tax rates go up on the richest americans. >> republicans say tax hikes on the wealthy mean tax hikes for small businesses, something they insist they cannot accept. here is long-time gop senator orin hatch. >> unfortunately, some on the other side of the aisle are indicating a disastrous thelma and louise idea, that will put us in jeopardy, for small business and other parts of the economy. >> they agreed that tax cuts should be renewed for everybody making less than $250,000 a year. but democrats want the tax cuts for the very wealthy to expire. >>> and reigniting the trayvon martin debate, and whether the famous "stand your ground law" should be out lawed. and may havs where bacteria can multiply. polident is designed to clean dentures daily. its unique micro-clean formula kills 99.9% of odor causing bacteria and helps dissolve stains, cleaning in a better way than brushing with toothpaste. that's why i recommend using polident. [ male announcer ] polident. cleaner, fresher, brighter every day. a new way to save on your prescriptions. it's the aarp medica
because they refuse to let tax rates go up on the richest americans. >> republicans say tax hikes on the wealthy mean tax hikes for small businesses, something they insist they cannot accept. here is long-time gop senator orin hatch. >> unfortunately, some on the other side of the aisle are indicating a disastrous thelma and louise idea, that will put us in jeopardy, for small business and other parts of the economy. >> they agreed that tax cuts should be renewed for everybody...
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Dec 3, 2012
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no, it's worse -- look, our taxes are about to go up. not the taxes on our dividends though, right? that's a big part of our retirement. oh, no, it's dividends, too. the rate on our dividends would more than double. but we depend on our dividends to help pay our bills. we worked hard to save. well, the president and congress have got to work together to stop this dividend tax hike. before it's too late. [ "the odd couple" theme playing ] humans. even when we cross our "t"s and dot our "i"s, we still run into problems -- mainly other humans. at liberty mutual insurance, we understand. that's why our auto policies come with accident forgiveness if you qualify, where your rates won't go up due to your first accident, and new car replacement, where if you total your new car, we give you the money for a new one. call... to talk to an insurance expert about everything else that comes standard with our base auto policy. [ tires squeal ] and if you get into an accident and use one of our certified repair shops, your repairs are guaranteed for life. call... to switch, and you could save hund
no, it's worse -- look, our taxes are about to go up. not the taxes on our dividends though, right? that's a big part of our retirement. oh, no, it's dividends, too. the rate on our dividends would more than double. but we depend on our dividends to help pay our bills. we worked hard to save. well, the president and congress have got to work together to stop this dividend tax hike. before it's too late. [ "the odd couple" theme playing ] humans. even when we cross our "t"s...
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Dec 4, 2012
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at today's dividend tax rate of just 15%. that will be a big savings for him if the dividend tax does double as it may do next year. the doom and gloom of the fiscal cliff hides an important point about our economy. we play our cards right, america could be headed for another economic renaissance. short-term indicators are looking good. jobs are being created, consumer debt is shrinking. the housing market is making a comeback. forget silver linings, housing has been the golden lining around the economic cloud hanging over the country. mortgage rates are expected to stay low through 2014. home affordability is as good as it it's been in generations. that's going to attract buyers who spent the last few years waiting for prices to bottom out. that's going to help millions of homeowners who currently owe more on their homes than the home is worth. the home prices rising, confidence will return. and longer term prospects also have some real hope in america. we're in the midst of a domestic energy boom that will fuel growth for y
at today's dividend tax rate of just 15%. that will be a big savings for him if the dividend tax does double as it may do next year. the doom and gloom of the fiscal cliff hides an important point about our economy. we play our cards right, america could be headed for another economic renaissance. short-term indicators are looking good. jobs are being created, consumer debt is shrinking. the housing market is making a comeback. forget silver linings, housing has been the golden lining around...
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Dec 4, 2012
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in a way by getting rid of tax loopholes which they feel rather than raise the tax rates will have less of a negative impact on the economy. at the end i think there will be a little bit of movement on their side possibly raising the dollar income level that we have for that and making so it's a combination of increases as well as loopholes, but, frankly, the president's policy of just trying to punish the rich is what he seems to be interested in is also counterproductive, frankly. >> i saw jason johnson shaking his head no. >> this is not true. they haven't specified what any of these taxes are. they're trying to sell people a bridge and you don't even know where the bridge is going. that's one of the reasons the white house rejected the plan but here is the other reason why the republicans are eventually just going to go along and raise taxes and deal. the most important number in this whole debate is 56. 56% of the public according to a recent poll will blame the republican party in congress if this deal does not get done. they do not need another public relations hit after being sh
in a way by getting rid of tax loopholes which they feel rather than raise the tax rates will have less of a negative impact on the economy. at the end i think there will be a little bit of movement on their side possibly raising the dollar income level that we have for that and making so it's a combination of increases as well as loopholes, but, frankly, the president's policy of just trying to punish the rich is what he seems to be interested in is also counterproductive, frankly. >> i...
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Dec 5, 2012
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minimum tax. that's the only part of this whole mess that actually affects your 2012 taxes. it is a big problem, and it would hit like 30 million families who don't know it's coming, but most of this increase affects your 2013 taxes. so you wouldn't actually -- you would feel it in withholding, feel it in your paycheck, but they have time to fix this before you file your 2013 taxes to give you back some of that money. >> time to fix this, laurie montgomery, thank you. i want to start there with dana bash here in a moment. because the fiscal cliff debate is starting to sound like, you know, a high stakes game of chicken. there is all kinds of tough talk. no action. right now democrats and republicans are refusing to compromise on this key sticking point, how to get more money from wealthy people. president obama, you know the deal, he wants to raise tax rates for the wealthy. house speaker john boehner wants to close tax loopholes, limit deductions for the wealthy. let's stay on the hill here, let'
minimum tax. that's the only part of this whole mess that actually affects your 2012 taxes. it is a big problem, and it would hit like 30 million families who don't know it's coming, but most of this increase affects your 2013 taxes. so you wouldn't actually -- you would feel it in withholding, feel it in your paycheck, but they have time to fix this before you file your 2013 taxes to give you back some of that money. >> time to fix this, laurie montgomery, thank you. i want to start...
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Dec 5, 2012
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that's not a mandate to raise taxes. it's a mandate to work together. >> mandate to work together which means they may not go on their break which is expected. i heard the speaker tell you that he's going to tell you as well. quickly, dana, he's going to stay regardless of whether they go on break, right? >> reporter: right. and the question was the house of representatives is going to finish their work this week in about 45 minutes and it's only wednesday. >> right. >> reporter: they are going to go home. they are not going to be in session on thursday or friday. i asked the speaker whether that is got optics for the house to leave town while the fiscal cliff is so close in front of us and that is the answer, that he will be in town, ready, willing, and able to talk to the president at any time. so that was really the issue. the house republican leadership, i tell you, they say they simply don't have any legislation to put on the floor. that's why they are play sending their members home. they are hoping to get the mess
that's not a mandate to raise taxes. it's a mandate to work together. >> mandate to work together which means they may not go on their break which is expected. i heard the speaker tell you that he's going to tell you as well. quickly, dana, he's going to stay regardless of whether they go on break, right? >> reporter: right. and the question was the house of representatives is going to finish their work this week in about 45 minutes and it's only wednesday. >> right. >>...
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Dec 5, 2012
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of course, the white house, the president wants to raise it on tax ritz. the republicans say no way. >> is there any concern among republicans because we know they're not all kind of lining in lock step on what to do here. this doesn't look good, the optics of it all, them leaving and going home. a lot of people look at this that and go really, you're not going to try, stick around, get more work done here? are they worried it can backfire? >> i actually asked the speaker that very question. he said, look, i'm here. i'm going to be here. i'm going to be waiting for the president to respond. certainly there is some concern, but as one republican told our deirdre washington a short while ago, look, it is what it is. it is the reality. the reality is there is a lot of waiting going on. on both sides, but particularly right now when it comes to republicans. one of the sort of subplots we've been talking about here, suzanne, you and i talk abouted it about it yesterday is the conservative backlash missed the republican party against the speaker for this counter
of course, the white house, the president wants to raise it on tax ritz. the republicans say no way. >> is there any concern among republicans because we know they're not all kind of lining in lock step on what to do here. this doesn't look good, the optics of it all, them leaving and going home. a lot of people look at this that and go really, you're not going to try, stick around, get more work done here? are they worried it can backfire? >> i actually asked the speaker that very...
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Dec 6, 2012
12/12
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tax breaks, right? democrats are fighting hard to preserve the tax deduction for state and local taxes, that costs the federal budget more than $80 billion a year. why? because 7 of 8 states where taxpayers use the deductions that much are blue or democratic. new york, new jersey, pennsylvania, all blue with the highest state local -- state and local taxes taken out there and property taxes. the tax deductions on them benefit higher income taxpayers in states that consistently deliver for the democrats. i get the politics of this but democrats need to own up. they can't have their cake and eat it, too. in the end, we are all going to pay more or we are going to get less. if we're serious about the fiscal house in order. if demonstrates are serious about republicans to break with ideology and their party base, to vote for higher tax rates, democrats have to be willing to do the same and break with their base. both sides can go back to the politics after they get in right. quit scrapping. get the work don
tax breaks, right? democrats are fighting hard to preserve the tax deduction for state and local taxes, that costs the federal budget more than $80 billion a year. why? because 7 of 8 states where taxpayers use the deductions that much are blue or democratic. new york, new jersey, pennsylvania, all blue with the highest state local -- state and local taxes taken out there and property taxes. the tax deductions on them benefit higher income taxpayers in states that consistently deliver for the...
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Dec 6, 2012
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by the end of the year everything will be regulated and taxed very heavily here. 25% tax. proponents say they will raise a half billion dollars. $500 million a year from the sale of marijuana and marijuana products in washington state once this gets going. >> while many there are celebrating, colorado isn't ready to spark up just yet. voters cast votes to legalize marijuana as well but it won't officially be legal for another month. jim spelman is in denver, colorado. what's the holdup? >> reporter: the governor has to cross ts and dot is to make this official. like in washington state, there's uncertainty about what the federal government is going to do before we can really have fully implemented legalized marijuana here. take a look. on election day colorado voted to legalize marijuana and by early january the governor will make it official. but don't expect the streets of denver to look like this. smoking pot in public will remain illegal but behind closed doors the times are a changing. >> adults 21 and over can possess small amounts of marijuana and grow small amounts
by the end of the year everything will be regulated and taxed very heavily here. 25% tax. proponents say they will raise a half billion dollars. $500 million a year from the sale of marijuana and marijuana products in washington state once this gets going. >> while many there are celebrating, colorado isn't ready to spark up just yet. voters cast votes to legalize marijuana as well but it won't officially be legal for another month. jim spelman is in denver, colorado. what's the holdup?...
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you combine, say, about $250 billion in spending and tax cuts. that will probably cut gdp with the usual multiplier efforts of two percentage points. that's enough to raisen employment by a couple of percentage points. it's serious business. >> ali, what do you think? >> yeah. well, look, i think peter is right. the spending cuts that would be imposed by the fiscal cliff would be devastating. it would send unemployment higher. it would cost jobs. the republicans, as peter says, are going to insist on some cuts anyway, so bottom line is we are going to see a weaker economy into the beginning of next year. probably one way or the other. now, the counter to that, peter, is that there are forces in the economy that are strengthening it. this energy boom that we've got, the natural gas, the amount of fracturing that we're doing, the fact that housing has been doing tremendously well, and interest rates remain very low with prices, so there's some sense that there's a bit of a renaissance on the horizon, and if the government doesn't mess that up too m
you combine, say, about $250 billion in spending and tax cuts. that will probably cut gdp with the usual multiplier efforts of two percentage points. that's enough to raisen employment by a couple of percentage points. it's serious business. >> ali, what do you think? >> yeah. well, look, i think peter is right. the spending cuts that would be imposed by the fiscal cliff would be devastating. it would send unemployment higher. it would cost jobs. the republicans, as peter says, are...
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Dec 7, 2012
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can't inherit tax free the way heterosexual married couples can. the obama administration says, agrees that law is unconstitutional. that law is now being defended by a lawyer hired by the republicans in the house of representatives. so that -- that is one case. the other case is the proposition 8 case in california. if you recall, california -- there was a referendum -- the california supreme court ruled that there had to be same sex marriage under the california constitution. gay people had the right to get married there for a brief period of time. then there was an initiative put on the ballot, proposition 8, california voted in a close election to overturn same sex marriage. same sex marriage was banned after it was briefly legal. the federal district court had a trial there, and said that law, proposition 8, banning same sex marriage, is unconstitutional. that was affirmed on appeal, that is now appealed to the supreme court and they will now decide whether proposition 8 is constitutional or not. >> when we talk about this as being a historica
can't inherit tax free the way heterosexual married couples can. the obama administration says, agrees that law is unconstitutional. that law is now being defended by a lawyer hired by the republicans in the house of representatives. so that -- that is one case. the other case is the proposition 8 case in california. if you recall, california -- there was a referendum -- the california supreme court ruled that there had to be same sex marriage under the california constitution. gay people had...
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Dec 7, 2012
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cuts, bush tax cuts, forethose up to $250,000, probably immediate to extend the payroll tax cut. these are major forms of stimulus that middle income households and receive the dollars don't save it. they spend it. i think it also provides a little wind to the sail of the administration that we need to extend the unemployment insurance benefits that have -- we have been providing to families. which are another important stimulus for families here in the u.s. >> you answer made question about the work force because about a half million people left the work for according to bls and talked about why you believe that factored into it. what do you think is missing from the report, though? >> what's missing, i think of -- you know, we focus so much on the employment front and if you look at wage, i believe wages continue to stagnate. over the month. and also even over the year when you factor in inflation. so, you know, not -- families are -- you know, continuing in this really tepid, very slow, weak recovery. they are getting hit on all fronts. you know. slow job creation. people leav
cuts, bush tax cuts, forethose up to $250,000, probably immediate to extend the payroll tax cut. these are major forms of stimulus that middle income households and receive the dollars don't save it. they spend it. i think it also provides a little wind to the sail of the administration that we need to extend the unemployment insurance benefits that have -- we have been providing to families. which are another important stimulus for families here in the u.s. >> you answer made question...
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Nov 29, 2012
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taxes going up. taxes going up on the affordable care act. billions of dollars of taxes and fees. what's the four-year view look like? what's the plan look like? so let's look at the numbers. how much do we get from deductions? how much do we get from expenditures? how much more do we need? how much does obama care add? what is our growth rate? you know, we don't have a plan. >> yeah. >> and we're throwing these dollar numbers around like if they were nothing. >> i spoke with james clyburn, representative clyburn last hour, about the notion of raising tax rates on the wealthy and not where the president wants them. he said i want it higher. take a listen and then talk about it. >> we know where the president is. and that is 250,000. but there are a lot of democrats who voiced back before the campaign 500,000. some say even a million. all of that's going to be negotiated. the president wants 250. if mr. boehner wants to come and offer something different, i'm sure he'll do that but the president stands at 250. which is below even where i was but he won the election. >> do you think
taxes going up. taxes going up on the affordable care act. billions of dollars of taxes and fees. what's the four-year view look like? what's the plan look like? so let's look at the numbers. how much do we get from deductions? how much do we get from expenditures? how much more do we need? how much does obama care add? what is our growth rate? you know, we don't have a plan. >> yeah. >> and we're throwing these dollar numbers around like if they were nothing. >> i spoke with...
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Nov 29, 2012
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setting up a process for entitlement reform next year, and tax reform next year. but this was way out of balance. and not a recognition on the part of the white house about the serious spending problem that we have. [ inaudible question ] going over the fiscal cliff, you called serious business, extending the lower tax rates -- [ inaudible question ] >> i'm going to do everything i can to avoid putting the american economy, the american people through the fiasco of going over the fiscal cliff. >> which is worse for the economy? [ inaudible question ] could you include a debt limit that is in the overall package? >> as i told the president a couple weeks ago, there's a lot of things i've wanted in my life, but almost all of them had a price tag attached to them. and if we're going to talk about the debt limit in this, then we're -- there's going to be some price tag associated with it. >> last question. >> are you standing by your dollar for dollar -- the increase in the debt limit for cuts? >> are i continue to believe that any increase in the debt limit has to be
setting up a process for entitlement reform next year, and tax reform next year. but this was way out of balance. and not a recognition on the part of the white house about the serious spending problem that we have. [ inaudible question ] going over the fiscal cliff, you called serious business, extending the lower tax rates -- [ inaudible question ] >> i'm going to do everything i can to avoid putting the american economy, the american people through the fiasco of going over the fiscal...
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Nov 29, 2012
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no, it's worse -- look, our taxes are about to go up. not the taxes on our dividends though, right? that's a big part of our retirement. oh, no, it's dividends, too. the rate on our dividends would more than double. but we depend on our dividends to help pay our bills. we worked hard to save. well, the president and congress have got to work together to stop this dividend tax hike. before it's too late. side by side so you get the same coverage, often for less. that's one smart board. what else does it do, reverse gravity? [ laughs ] [ laughs ] [ whooshing ] tell me about it. why am i not going anywhere? you don't believe hard enough. a smarter way to shop around. now that's progressive. call or click today. [ grunting ] >> breaking news our boston here. two trolleys that have collided. we're just getting information and details now. six people are injured. 20 are being evacuated for potential injuries. this is video of the scene here. this in the area of park and tremont. my old stomping grounds. went to college in the boston yar. the transportation authority saying that this took
no, it's worse -- look, our taxes are about to go up. not the taxes on our dividends though, right? that's a big part of our retirement. oh, no, it's dividends, too. the rate on our dividends would more than double. but we depend on our dividends to help pay our bills. we worked hard to save. well, the president and congress have got to work together to stop this dividend tax hike. before it's too late. side by side so you get the same coverage, often for less. that's one smart board. what else...
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Nov 30, 2012
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no, it's worse -- look, our taxes are about to go up. not the taxes on our dividends though, right? that's a big part of our retirement. oh, no, it's dividends, too. the rate on our dividends would more than double. but we depend on our dividends to help pay our bills. we worked hard to save. well, the president and congress have got to work together to stop this dividend tax hike. before it's too late. >>> well, move over cheetos, the new snack for the vending machine, ckavycavier, and you probably guessed it will take a little more than 75 cents to get this treat. prices range from $12, okay, possibly reasonable, to $500, a little less so. >>> well, bankruptcy judge has officially given hostess the go ahead to pay out bonuses to its senior executive. the company is liquidating almost 20,000 people losing their jobs. the executives are getting bonuses. how does that -- i'm not good at math, but how does that work? >> it doesn't quite seem fair, does it? but that's exactly what one new york court has sort of ruled on and the bonuses range from about $7,500 to $130,000 and it's only
no, it's worse -- look, our taxes are about to go up. not the taxes on our dividends though, right? that's a big part of our retirement. oh, no, it's dividends, too. the rate on our dividends would more than double. but we depend on our dividends to help pay our bills. we worked hard to save. well, the president and congress have got to work together to stop this dividend tax hike. before it's too late. >>> well, move over cheetos, the new snack for the vending machine, ckavycavier,...
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Dec 1, 2012
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taxes on the wealthy. republicans have called that option a non-starter. >> rival protests are under way in egypt's capital right now. thousands of demonstrators have packed the streets around cairo university today to show support for president mohamed morsi. >> just across the nile river the opposition has been urging its followers to come out to tahrir square to protest morsi's expanded powers but so far it's been a future smaller power there. egyptians will vote meanwhile on a new constitution in two weeks. >> south korea has a warning for north korea. it says pyongyang can expect a strong response if it goes ahead with a plan to launch a rocket this monk month. another rocket launch attempt by north korea failed. that was in april. a so-called proposed doover a severe provocation. pyongyang says that it wants to sent a satellite into orbit but the u.s. and south korea suspect it's a cover for ballistic missile tests. now if you're really, really in the mood to shop this weekend, check out the l.a. aut
taxes on the wealthy. republicans have called that option a non-starter. >> rival protests are under way in egypt's capital right now. thousands of demonstrators have packed the streets around cairo university today to show support for president mohamed morsi. >> just across the nile river the opposition has been urging its followers to come out to tahrir square to protest morsi's expanded powers but so far it's been a future smaller power there. egyptians will vote meanwhile on a...
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what do these tax increases mean for families? there's been some confusion about which parts will be taxed at a higher level and certainly not all of it, right? can you clear that up? >> for example, suppose you made $69,000 a year. well, $59,000 would actually be taxed at 15%. so normal. but it's that extra 10,000 that would be taxed at 28%. so part of your income would be taxed at a higher rate. but let's not forget, even though it may just be part of your income, that's income that you don't have then to spend on other things. and so when we're talking about an any that's in a pretty fragile state as this one is right now, if people don't have as much money to spend, that's going to be hurtful. that's going to be hurtful to retail sales, to restaurants, to movie theaters, to everything that keeps this economy going. >> one thing that has also been discussed is taking away the mortgage interest deduction. certainly that's a big bonus of homeownership for a whole lot of folks. do you think it's a risky move considering how fragil
what do these tax increases mean for families? there's been some confusion about which parts will be taxed at a higher level and certainly not all of it, right? can you clear that up? >> for example, suppose you made $69,000 a year. well, $59,000 would actually be taxed at 15%. so normal. but it's that extra 10,000 that would be taxed at 28%. so part of your income would be taxed at a higher rate. but let's not forget, even though it may just be part of your income, that's income that you...
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through the way that they would like to see taxes go up, even though they don't want to see taxes go up, through closing loopholes and eliminating deductions. john boehner acknowledges that revenue is going to be part of this deal, but they are standing firm on, they will not agree to at this point to raising tax rates on anyone. so either way, the major issue remains. the major issue, the major hurdle remains the tax rate issue. >> right, right. and meantime it's ticktock, right? and the house is out as of yesterday. members are headed to their home states for a nice long weekend with no deal in sight. the majority leader, eric cantor, says he's going to force congress to keep coming back and stay in session until a deal is done. seriously? >> he is serious. but, i mean, it was a pretty short workweek for the members of the house, that's for sure, as they left, not only left yesterday, they left at noon yesterday, after votes. the fact of the matter is that this has happened before. that they will be out on recess, they will be back in their home districts and the leadership will ca
through the way that they would like to see taxes go up, even though they don't want to see taxes go up, through closing loopholes and eliminating deductions. john boehner acknowledges that revenue is going to be part of this deal, but they are standing firm on, they will not agree to at this point to raising tax rates on anyone. so either way, the major issue remains. the major issue, the major hurdle remains the tax rate issue. >> right, right. and meantime it's ticktock, right? and the...
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that's when severe tax hikes and cuts in spending begin. according to the "new york times," john boehner has asked democratic leaders to step aside so he and the president can attempt to negotiate a deal one-on-one and no one is objecting. paul steinhauser is live from washington. paul, you got some new polling for us. what do americans want to see in a deal? >> it's interesting what they want to see and what they don't want to see. one of the biggest sticking points between democrats and republicans over averting the fiscal cliff is raising taxes on those making over $250,000 a year. look at this from quinnipiac university, the question was asked are you okay with that? 65% say they support such a move to avert the fiscal cliff. this is the third poll over the last two weeks to show the same thing, that most americans are okay with raising those taxes on incomes over $250,000 a year. go to the next screen, there's a partisan divide here. this explains why most republicans are dead set against this. democrats are fine with that move. indepe
that's when severe tax hikes and cuts in spending begin. according to the "new york times," john boehner has asked democratic leaders to step aside so he and the president can attempt to negotiate a deal one-on-one and no one is objecting. paul steinhauser is live from washington. paul, you got some new polling for us. what do americans want to see in a deal? >> it's interesting what they want to see and what they don't want to see. one of the biggest sticking points between...
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we are talking about reforming the tax code, raisinging tax rates. that's the only thing i say that i absolutely will not do. 258 members of congress, republicans all, have taken the pledge. only six are waffling. we're standing strong on that point. >> do you think that's a pledge with grover norquist, with your constituents? there are others saying they have room around the pledge. >> well, that's a great question you just asked me. is that a pledge to my constituents. absolutely. in 2002 -- and i was running in a tough primary and those folks back in marietta, georgia, said, phil, are you going to take the grover norquist, americans for tax reform pledge. i said, yes, i will take it. many would have voted for my opponent. that plenl, i honor that. it's a pledge to my constituents. absolutely. >> all right. you say your constituents don't want you to raise taxes on the rich. let me show you what an abc/washington post poll shows. 60% would support raising taxes on incomes over $250,000 per year. you wouldn't do that? >> i understand that their perc
we are talking about reforming the tax code, raisinging tax rates. that's the only thing i say that i absolutely will not do. 258 members of congress, republicans all, have taken the pledge. only six are waffling. we're standing strong on that point. >> do you think that's a pledge with grover norquist, with your constituents? there are others saying they have room around the pledge. >> well, that's a great question you just asked me. is that a pledge to my constituents. absolutely....
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should they raise the capital gains tax, and taxes on dividends, as well? or some combination of all of the above? right now they don't even seem to agree on the amount of money to be raised in revenue. let's listen to what senate majority leader harry reid had to say to explain the democrats' position on this. >> protect middle-class families from the fiscal cliff that they're facing by freezing the tax rates for the first $250,000 all americans' income and letting the rates go up to the same level they were during the clinton administration. republicans know where we stand. we've said it. we've said it. we've said it so many times, the president's said the same thing. >> and so republicans do know where democrats stand. this is certainly this idea of raising taxes on the wealthy is something that the president ran on in the last campaign. but republicans feel like there's been way too much focus on this whole tax side of things, and not nearly enough focus on spending cuts. which are also needed. let's listen to what house speaker john boehner had to say
should they raise the capital gains tax, and taxes on dividends, as well? or some combination of all of the above? right now they don't even seem to agree on the amount of money to be raised in revenue. let's listen to what senate majority leader harry reid had to say to explain the democrats' position on this. >> protect middle-class families from the fiscal cliff that they're facing by freezing the tax rates for the first $250,000 all americans' income and letting the rates go up to the...
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means everybody's taxes go up, but if the president has his way, taxes are going to go up on those very wealthy folks making over $200,000, but most are not very wealthy or folks, most are small businesses filing subchapter "s" companies, about 88% of net small business income will be for these taxes when we're depending on them to create two-thirds of the new jobs. boehner's trying to mitigate that mess. i wish him luck. something's going to f to have to give. >> something is going to have to give. from everybody i've talked to and from what we've heard, there two options for the country. one, go over the cliff. the other, extend the bush tax cuts for the 98% of americans. everyone who makes under $200,000 a year if they're single, $250,000 if they're a family. those seem to be the two choices. between those, which do you pick? >> but, if we do that and raise the taxes on those small businesses we were just talking about, according to the congressional budget office, that's going to mean 200,000 american families will be out of work next year. and that's the low estimate. ernst & young
means everybody's taxes go up, but if the president has his way, taxes are going to go up on those very wealthy folks making over $200,000, but most are not very wealthy or folks, most are small businesses filing subchapter "s" companies, about 88% of net small business income will be for these taxes when we're depending on them to create two-thirds of the new jobs. boehner's trying to mitigate that mess. i wish him luck. something's going to f to have to give. >> something is...
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what that really means is all tax rates on all americans go back up because the tax rates were brought down in 2001 and 2003. i don't support that. i don't think that's a great idea. it would slow down the economy. >> when you look at economist's evaluations, it would slow down the economy. it would. there's no question about it. but if the problem is that we have a lot of debt and there has to be some pain whether it be in cuts or the form of higher tax revenues, it means there has to be some pain. $2.8 trillion. that's 17% of our debt wiped out overnight. if you're worried about the debt, how can't you look at that seriously? >> well, the reason i would say it's not going to be 17% of our debt on that because right now, we're running a trillion dollar deficit year single year. if we went back to zero, we're rebalanced. right now with the fourth year in a row, that deficit and debt continues to climb. so it doesn't really wipe it out and the challenge of it is what does that do to the overall economy. we're not just dealing with one tax increase as well. a lot of people lose track of
what that really means is all tax rates on all americans go back up because the tax rates were brought down in 2001 and 2003. i don't support that. i don't think that's a great idea. it would slow down the economy. >> when you look at economist's evaluations, it would slow down the economy. it would. there's no question about it. but if the problem is that we have a lot of debt and there has to be some pain whether it be in cuts or the form of higher tax revenues, it means there has to be...
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raising taxes would. there's no question about it, but if the problem is that we have a lot of debt and there has to be some pain, whether in cuts or the form of higher tax revenues, that means there has to be pain. look at the math. $2.8 trillion to go back to the clinton era rates. that's 17% of debt wiped out overnight. if you're worried about the debt, how can't you look at that seriously? >> the reason i would say it's not 17% of our debt because right now we have a trillion dollar deficit every single year. if we went back to zero, that's true. right now with fourth year in a row with over a trillion dollars in deficit spending, that deficit and debt continues it to climb. it doesn't wipe it out. what does it do to the overall economy. we're not just dealing with one tax increase right now. the affordable care act actually begin on january 1st as well for people making $200,000 or more or people with large medical bills. that already starts coming up. this is an additional tax increase on top of tha
raising taxes would. there's no question about it, but if the problem is that we have a lot of debt and there has to be some pain, whether in cuts or the form of higher tax revenues, that means there has to be pain. look at the math. $2.8 trillion to go back to the clinton era rates. that's 17% of debt wiped out overnight. if you're worried about the debt, how can't you look at that seriously? >> the reason i would say it's not 17% of our debt because right now we have a trillion dollar...
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we don't like to tax two or three times, which dividends or other taxes might be taxed. so too small. and there is a principle involved. >> steven ratner, is there a principle, or just bloody mindedness by republicans, led by grover norquist, we shall not pay anymore taxes ever? >> at some point, there are too many taxes, but we're a long away from that. let's just look at earned taxes, lower than they were under president clinton put in place ten years ago. and all president obama is saying let's go from 35% to the top earners, to 39.6%, same as it was under president clinton, the economy did well. it is more than just a drop in the bucket. just raising rates on people making over 250,000, would be a trillion deficit -- >> a trillion dollars, henry, is nothing to be sniffed at. some urged the party to extend the bush-era tax cuts, for the households that earn less than $250,000, to insure the taxes don't go up. who cares anyway? >> sure, there is a point in there. i might dispute the numbers. i would argue as the members of my party, i would argue that we have a spendin
we don't like to tax two or three times, which dividends or other taxes might be taxed. so too small. and there is a principle involved. >> steven ratner, is there a principle, or just bloody mindedness by republicans, led by grover norquist, we shall not pay anymore taxes ever? >> at some point, there are too many taxes, but we're a long away from that. let's just look at earned taxes, lower than they were under president clinton put in place ten years ago. and all president obama...
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but instead by closing tax loopholes, eliminating tax credits. and also $600 billion in health savings. that's what you'd get from entitlement reform. from reforming medicare, and doing some cuts there under this plan. but compare it to the white house plan, very different than what's on the table there. $1.6 trillion in new taxes. that is two times the amount in the boehner plan, and also, of course, includes increasing those income tax rates for the wealthy. $400 billion to medicare and other entitlements, that's $ 00 billion less than in the speaker's counteroffer and this would force congress to give up its debt limit vote which is a nonstarter for house republicans. the white house saying that boehner counteroffer is nothing new, that it lacks specifics. but i will tell you, zoraida, that one house democratic aid telling cnn that it passed the laugh test. so certainly i guess it could have been worse in some estimations by democrats. >> i suspect some people were laughing. brianna keilar live at the white house for us, thank you. in the next
but instead by closing tax loopholes, eliminating tax credits. and also $600 billion in health savings. that's what you'd get from entitlement reform. from reforming medicare, and doing some cuts there under this plan. but compare it to the white house plan, very different than what's on the table there. $1.6 trillion in new taxes. that is two times the amount in the boehner plan, and also, of course, includes increasing those income tax rates for the wealthy. $400 billion to medicare and other...
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they're both standing firm on the tax hike, their positions on the tax hikes for the top 2%. listen. >> the revenues we're putting on the table are going to come from, guess who? the rich. >> once republicans acknowledge that rates are going up for top earners, we believe that an agreement is very achievable. >> kate balduan is in washington, d.c., this morning. so that's kind of a depressing thing, when just the advent of a phone conversation between the two top dealmakers is the headline, isn't it? >> i could not agree with you more. the fact that they spoke, but the fact that there's no progress, and that's a headline. i mean, if we want to take anything from it, any significance, it's the first time they've talked in a week. take that what you will. it's almost like hope springs eternal, but we are a long way from a deal still. neither side, as you said is giving on their basic position. president obama continues to insist any deal must include a tax break increase on the top 2% of wage earners, which republicans, we well know, just as firmly insist, that is a nonstarter
they're both standing firm on the tax hike, their positions on the tax hikes for the top 2%. listen. >> the revenues we're putting on the table are going to come from, guess who? the rich. >> once republicans acknowledge that rates are going up for top earners, we believe that an agreement is very achievable. >> kate balduan is in washington, d.c., this morning. so that's kind of a depressing thing, when just the advent of a phone conversation between the two top dealmakers is...
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they say, let's tax somebody else. if those taxes are going to small businesses creating jobs, we need to bet more people working. the other poll said people believe if they send more in taxes the government will spend it, much of it will be wasted and the dollar figures are so large it's hard to fathom the debt we have. it's $16 trillion. it's an incredible amount. we have added another trillion dollars in just the last year. we need to get spending under control. >> senator, you're talking about the importance to business tax rates. one guy who presumably knows something about business is the goldman sachs ceo. he met with president obama yesterday. then he went to talk with wolf blitzer who asked if he would support the president's plan of bringing the rates back up on the wealthiest americans. let's listen. >> if that's what it took to make the math work i wouldn't preclude that if the numbers drive that way. >> he says maybe a tax rate increase should be part of a deal. can't it be part of a deal? not the whole de
they say, let's tax somebody else. if those taxes are going to small businesses creating jobs, we need to bet more people working. the other poll said people believe if they send more in taxes the government will spend it, much of it will be wasted and the dollar figures are so large it's hard to fathom the debt we have. it's $16 trillion. it's an incredible amount. we have added another trillion dollars in just the last year. we need to get spending under control. >> senator, you're...
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we're going to tax this. and then they want at midnight to renegotiate everything, make every decision all at once. once in awhile having a crisis. but it looks like it's become regularly built-into the system and that's just no way to do this. we've got to fix that. >> ken rogoff, professor economics and policy at harvard. dark, cambridge, forgive me. >> great to see you this morning. >>> should the united states provide arms to syrian rebels trying to oust the assad regime? secretary of state hillary clinton says there's no decision yet but the question is evaluated every day, depending on the changing situation in syria. meanwhile, reports that the internet in syria has been cut off. it could be the latest move by the embattled regime against rebel forces which have successfully used the internet to keep the outside world informed of the uprising. >> settlement reportedly has been reached between dominique strauss-kahn and the new york city hotel maid who sued him alleging sexual assault. details of the ag
we're going to tax this. and then they want at midnight to renegotiate everything, make every decision all at once. once in awhile having a crisis. but it looks like it's become regularly built-into the system and that's just no way to do this. we've got to fix that. >> ken rogoff, professor economics and policy at harvard. dark, cambridge, forgive me. >> great to see you this morning. >>> should the united states provide arms to syrian rebels trying to oust the assad...
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no, it's worse -- look, our taxes are about to go up. not the taxes on our dividends though, right? that's a big part of our retirement. oh, no, it's dividends, too. the rate on our dividends would more than double. but we depend on our dividends to help pay our bills. we worked hard to save. well, the president and congress have got to work together to stop this dividend tax hike. before it's too late. pretty sweet, huh? cute. but don't you have any apps on your phone that can make your life easier? who do you think i am, quicken loans? at quicken loans, we'll provide you with myql mobile. this amazingly useful app allows you to take pictures of your mortgage documents using an iphone or android smart phone... so you can easily send them to us. one more way quicken loans is engineered to amaze. ooh, la-la! there's a health company that can help you stay that way. what's healthier than that? >>> the fiscal cliff looms at the end of the month. president obama standing firm in this interview he did today with bloomberg tv. >> we're going to have to see the rates on the top 2% go up. a
no, it's worse -- look, our taxes are about to go up. not the taxes on our dividends though, right? that's a big part of our retirement. oh, no, it's dividends, too. the rate on our dividends would more than double. but we depend on our dividends to help pay our bills. we worked hard to save. well, the president and congress have got to work together to stop this dividend tax hike. before it's too late. pretty sweet, huh? cute. but don't you have any apps on your phone that can make your life...
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on top of that, there's a 5% tax on the portion of very large tax estates. the tax policy tenners estimates the number will jump from 2600 in 2012 to 53,000 in 2013. that's a huge increase from where we stand right now. as you know, some people call this double taxation, because people pay income tax on their earnings, they save it, and then the money gets taxed when they pass it on to their decendents. >> a lot of farmers are respecially concerned about this. let's say you leave land to your children or grandchildren. and to pay the estate tax, you have to sell it, basically, because you don't have that kind of money. >> this is a philosophical difference on the sides. congress does nothing. and those estate taxes revert to the levels they were before george w. bush was in office. those taxes were lowered to help us get through a couple recessions. this is unfair. people should be entitled to pass along their hard earned money. the concentration of wealth needs to be kept in check. it doesn't create dynastys. that was one of the earliest goals of this tax.
on top of that, there's a 5% tax on the portion of very large tax estates. the tax policy tenners estimates the number will jump from 2600 in 2012 to 53,000 in 2013. that's a huge increase from where we stand right now. as you know, some people call this double taxation, because people pay income tax on their earnings, they save it, and then the money gets taxed when they pass it on to their decendents. >> a lot of farmers are respecially concerned about this. let's say you leave land to...
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our conversation in washington we talk about it being a tax event and only tax event. but the impact on unemployed people will be dramatic. the impact on those americans who don't pay a lot of income tax but benefitting from the extra two points of payroll relief, may not be dramatic but noticeable. this country could go into a recession. what's going on in this discussion is richard nixon's old madman theory, each side trying to persuade the other that it's just crazy enough to blow up the world. >> erick, quickly, you say it's better to go over the cliff than accept what the president's offered? >> yeah. i absolutely think so. the republicans unfortunately for people like me are willing to raise taxes to the tune of $800 billion. the democrats want to argue with them over the mechanism. and it's the mechanism that would hurt small businesses. the republican negotiating hand winds up being a little better on the other side. the fiscal cliff is the maximum of what ghkts want. you've got howard dean saying we need to raise taxes on everybody, not just the rich. steny ho
our conversation in washington we talk about it being a tax event and only tax event. but the impact on unemployed people will be dramatic. the impact on those americans who don't pay a lot of income tax but benefitting from the extra two points of payroll relief, may not be dramatic but noticeable. this country could go into a recession. what's going on in this discussion is richard nixon's old madman theory, each side trying to persuade the other that it's just crazy enough to blow up the...
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raise tax revenue capping deductions, limiting loopholes, not raising tax rates. >> if you listen to the president's entire statement he said as part of a larger tax reform proposal. the fact is you can't get the revenues that are necessary simply by eliminating deductions, unless you want to whack the middle class, and that's not something we can afford to do now. let's also make the point, wolf, that everyone in america will benefit if we extend the tax cuts for, incomes under $250,000. you get the tax cut the first $250,000. but if we're going to deal with the debt problem, we have to do it in a balanced way. raising rates is part of what we need to do. >> one of the things republicans would tell you, when we created the bush tax cuts for everyone, including the wealthy, government revenues went up from 1.8 trillion to 2.5 trillion. >> 2001 and 2003? >> over a four-year period after bush tax cuts were put in place. why not stay with that, keep the economy growing. that's $700 billion in additional revenue. >> the whole thing could collapse. >> it is something we need to figure --
raise tax revenue capping deductions, limiting loopholes, not raising tax rates. >> if you listen to the president's entire statement he said as part of a larger tax reform proposal. the fact is you can't get the revenues that are necessary simply by eliminating deductions, unless you want to whack the middle class, and that's not something we can afford to do now. let's also make the point, wolf, that everyone in america will benefit if we extend the tax cuts for, incomes under $250,000....
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no tax increases at all. continue the tax break but the wealthiest 2% will have to help us deal with the deficit. >> as always, senator, you make your case very passionately. i want to play you a bit of sound from the white house senior adviser david plouffe in talking about how to resolve the fiscal cliff crisis. listen to this. >> we also need to engage in entitlement reform. medicare, medicaid carefully. these are cheap drivers of our deficit. we made progress with obama care. there's more we need to do. >> we need to engage and the white house is acknowledging this. do you not go along with the president? >> yes, sometimes i disagree with the president. >> yes, that is true. >> but if we are talking about making medicare more efficient, lowering the cost of prescription drugs to medicare, that's a reform along with their other reforms. >> how about this reform, raising the eligibility for medicare from 65 to 67 over several years? >> no. >> why not? >> why not? because there are working people out there w
no tax increases at all. continue the tax break but the wealthiest 2% will have to help us deal with the deficit. >> as always, senator, you make your case very passionately. i want to play you a bit of sound from the white house senior adviser david plouffe in talking about how to resolve the fiscal cliff crisis. listen to this. >> we also need to engage in entitlement reform. medicare, medicaid carefully. these are cheap drivers of our deficit. we made progress with obama care....
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republicans in congress to hold middle class tax cuts hostage simply because they don't want tax rates on upper income folks to go up. >> reporter: oftentimes this kind of public toing and froing masks active behind the scenes negotiations. the speaker insists not this time. >> is this the necessary public posturing that needs to go onto get an end game? or is there serious stalemate right now? >> no. there's a stalemate. let's not kid ourselves. i'm not trying to make this for difficult. >> reporter: boehner argues he took a political risk offering after the election to raise revenue other than tax rates. and the white house has offered little in return. >> the white house spends three weeks trying to develop a proposal. and they send one up here that calls for $1.6 trillion in new taxes, calls for a little -- not even $400 billion in cuts. and they want to have this extra spending that's actually greater than the amount they're willing to cut. i mean, it's -- was not a serious proposal. and so right now we're almost nowhere. >> reporter: gop sources tell cnn what irked them most wasn
republicans in congress to hold middle class tax cuts hostage simply because they don't want tax rates on upper income folks to go up. >> reporter: oftentimes this kind of public toing and froing masks active behind the scenes negotiations. the speaker insists not this time. >> is this the necessary public posturing that needs to go onto get an end game? or is there serious stalemate right now? >> no. there's a stalemate. let's not kid ourselves. i'm not trying to make this...
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let's start with the no new tax pledge. a number of top republicans have come out saying they'll turn their back on the pledge if it gets a deal done on the fiscal cliff. >> i think a lot of people made the pledge 20 years ago, 50 years ago and i think they realize we're in a very critical time for our country and this issue has to be dealt with. revenues needs to be a part of the component and entitlement reform, true entitlement reform has to be there also in order for us to put this in the rear view mirror. >> that's a big change. so what would the former republican party flag bearer say. >> change can't be measured in speeches. it's measured in results. >> that was mitt romney attacking president obama, but it works for his own party, too. now, let's move on to immigration. romney's deportation stands didn't sit well with a growing number of hispanic voters and now two retiring reporters are pushing their own version of the dream act. it gives children the path to citizenship. >> we're introducing this legislation, whic
let's start with the no new tax pledge. a number of top republicans have come out saying they'll turn their back on the pledge if it gets a deal done on the fiscal cliff. >> i think a lot of people made the pledge 20 years ago, 50 years ago and i think they realize we're in a very critical time for our country and this issue has to be dealt with. revenues needs to be a part of the component and entitlement reform, true entitlement reform has to be there also in order for us to put this in...
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the senate has already passed a bill to keep income taxes from going up on middle class families. democrats in the house are ready to do the same thing. if we can just get a few house republicans on board, i'll sign this bill as soon as congress send it my way. but, it's unacceptable for some republicans in congress to hold middle class tax cuts hostage simply because they refuse to let tax rates go up on the wealthiest americans. >> in the republican response, senator orrin hatch takes that hostage metaphor one step further and brings to mind a memorable movie scene. >> unfortunately, some on the other side of the aisle are advocating a disastrous thelma and louise strategy that would take us over the cliff putting families and small businesses and weak economy in further jeopardy. >> negotiations will continue on capitol hill next week. president obama has said he wants to get a deal done by christmas day. >>> well, tragedy on the campus of caspar college in wyoming where police say a man using what they're calling just a sharp edged weapon carried out a fatal attack. the man in
the senate has already passed a bill to keep income taxes from going up on middle class families. democrats in the house are ready to do the same thing. if we can just get a few house republicans on board, i'll sign this bill as soon as congress send it my way. but, it's unacceptable for some republicans in congress to hold middle class tax cuts hostage simply because they refuse to let tax rates go up on the wealthiest americans. >> in the republican response, senator orrin hatch takes...
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democrats only want to raise taxes on the top 2% and extend the bush tax cuts for everyone else. what they might agree on, cutting deductions. the middle class' most cherished tax break could be in the crosshairs of the fiscal cliff negotiations. we're talking about the mortgage interest deduction. it's been around for 99 years, but it's costing the government $80 billion this year and will reach $100 billion by 2014 making it the third largest tax expenditure according to the congressional research service. who is it really helping in the most recent irs tax data show 41 million people claim this deduction on their 2010 taxes, but the tax policy center points out it tends to benefit upper middle class families the most. for those with annual incomes of less than $40,000 a year, the average tax savings is just 91 bucks. for the people earning $250,000 a year, the annual tax savings runs about $5,500, and critics say it's not really helping to boost homeownership. going to talk to one of them in a moment. the homeownership rate in the u.s. is now about 65%. it was up near 70% duri
democrats only want to raise taxes on the top 2% and extend the bush tax cuts for everyone else. what they might agree on, cutting deductions. the middle class' most cherished tax break could be in the crosshairs of the fiscal cliff negotiations. we're talking about the mortgage interest deduction. it's been around for 99 years, but it's costing the government $80 billion this year and will reach $100 billion by 2014 making it the third largest tax expenditure according to the congressional...